SOURCE: Tsakos Energy Navigation

Tsakos Energy Navigation

July 19, 2011 08:00 ET

Tsakos Energy Navigation Limited Declares Quarterly Dividend

$0.15 per Share Dividend Payable August 10, 2011

ATHENS, GREECE--(Marketwire - Jul 19, 2011) - The Board of Directors of Tsakos Energy Navigation Limited (TEN) (NYSE: TNP) (or the "Company") has declared a quarterly dividend of $0.15 per share of common stock outstanding. The record date is August 4, the payment date is August 10 and the shares will trade ex-dividend on August 2.

D. John Stavropoulos stated, "We are pleased to continue our consistent payment of regular dividends commenced in October 2002. We are very proud of this record which will have resulted in total cash dividend payments of $8.925 per share (adjusted for 2-for-1 split in November 2007). This payout compares favorably with the IPO price in March 2002 of $7.50 per share (also split adjusted)."

Mr. Stavropoulos added, "We intend to continue the pursuit of a level of profitability which can sustain dividends while also fueling growth of the enterprise, thereby delivering shareholder value."

In accordance with our dividend policy, payments of dividends are subject to prudent financial policy and the discretion of the Board of Directors after due consideration of available cash, anticipated cash needs, loan agreement restrictions, future prospects for earnings and cash flow as well as other relevant factors.

ABOUT TSAKOS ENERGY NAVIGATION
To date, TEN's pro forma fleet consists of 50 double-hull vessels of 5.4 million dwt that includes one suezmax tanker currently under construction to be delivered in July 2011 and two suezmax DP2 shuttle tankers for expected delivery in 2012 totaling 472,000 dwt. TEN's balanced fleet profile is reflected in 23 crude tankers ranging from VLCCs to aframaxes and 26 product carriers ranging from aframaxes to handysize and one LNG carrier.

TEN's employment profile (operating fleet):

Type of Employment Vessels
Period Employment - Fixed, fixed w/profit share & min max 28
CoA - market related 1
Pool - market related 6
Spot - market related 12

TEN's current newbuilding program:

Suezmax DWT Hull Type / Design Expected Delivery
1. S2035 158,000 DH July 2011
2. Suezmax DP2 157,000 DH Q4 2012
3. Suezmax DP2 157,000 DH Q1 2013

DH: Double Hull

FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact Information

  • For further information, please contact:

    Company
    Tsakos Energy Navigation Ltd.
    George Saroglou, COO
    +30210 94 07 710
    gsaroglou@tenn.gr

    Investor Relations / Media
    Capital Link, Inc.
    Nicolas Bornozis
    Biraj Gyawali
    +212 661 7566
    ten@capitallink.com

    TSAKOS ENERGY NAVIGATION LIMITED
    (TEN)
    367 Syngrou Avenue, 175 64 P. Faliro, Hellas
    Tel:30210 94 07 710-3
    Fax:30210 94 07 716
    e-mail:ten@tenn.gr
    Website:http://www.tenn.gr